Apple co-founder and innovation leader Steve Jobs announced on Wednesday that he is resigning as CEO. In his resignation letter, he recommended Tim Cook as his replacement.

After the announcement of his resignation, shares of Apple dived 7%. Reason for his resignation wasn't disclosed or it might be his health condition. Jobs has been recently on Medical Leave since January 17. He is a survivor of pancreatic cancer.

Here is the copy of Jobs' resignation letter:

To the Apple Board of Directors and the Apple Community:

I have always said if there ever came a day when I could no longer meet my duties and expectations as Apple”s CEO, I would be the first to let you know. Unfortunately, that day has come.
I hereby resign as CEO of Apple. I would like to serve, if the Board sees fit, as Chairman of the Board, director and Apple employee.


As far as my successor goes, I strongly recommend that we execute our succession plan and name Tim Cook as CEO of Apple.

I believe Apple”s brightest and most innovative days are ahead of it. And I look forward to watching and contributing to its success in a new role.

I have made some of the best friends of my life at Apple, and I thank you all for the many years of being able to work alongside you.

Steve